Career in Insurance

Career in InsuranceCareer in Insurance

Career in Insurance

Introduction

An insurance or insurance is an agreement or agreement between the insured and the insured person under which the insured pays a fixed sum of money on a monthly or yearly basis. In return, the insurer promises that in case of any trouble, a huge amount will be paid to the insured person. It is always good to get insurance because at the time of any problem like, in the time of illness of a family member or in case of an accident or theft, you can get a lot of help from the amount received from insurance. Insurance companies have different policies for almost every situation that a person can imagine. The most popular insurance policies sold by various companies are – Life Insurance, Travel Insurance, Vehicle Insurance, Health or Mediclaim Insurance and Home Insurance. Many government bodies such as Life Insurance Corporation, National Insurance Company and private companies such as ICICI Prudential, Max New York, Birla Sun Life, Bajaj Allianz, Tata AIG and other companies sell a variety of insurance policies.

Step by step

As a student, you might want to pursue insurance as a career after getting your graduation degree. But, very few students like to study this subject after completing their 12th class. Nowadays many companies offer part-time jobs to students after completion of their school education. But you are advised to first do your master’s degree in insurance management only after getting your graduation degree so that you can get a good understanding of the subject.

The following course content is offered under a Master’s degree in Insurance:

  1. Principles and Practices of Life and General Insurance
  2. Life and Non-Life Insurance Domains
  3. Insurance Law
  4. Life Insurance Underwriting and Risk Management
  5. Liability of Insurance and Life Insurance Claims
  6. Reinsurance and Life Insurance Products

The goal and objective of this study is to give you a good introduction about various aspects of insurance.

Hurry up

If you have people skills, selling skills and you want to solve people’s problems and provide financial security to them… then insurance is a perfect career option for you. But you should never choose insurance as your career only to earn money. On the contrary, you should understand the real importance of insurance for the world at the beginning.

Is this the right career for me?

As a student, after completing your school or during college days, if you feel that you have good people skills and selling skills, then insurance is definitely a suitable course for you. You can work in a famous company as an insurance agent or sales executive – insurance. For this job, you have to pass the agent exam conducted by IRDA / IRDA (Insurance Regulatory Authority of India). After working for a few years, you can work as an insurance manager.

To adopt insurance as a career option, mainly two skills are required: The first skill is the quality of easy friendship with people. The second important skill is to understand the problems of people well and convince them about the need and importance of insurance. You can explain this well to people that insurance provides a protection cover against any untoward happening in the future. At least in relation to money, due to insurance, people feel safe to themselves and their family.

How much does that cost?

The average annual fee of an MBA insurance program is Rs. 1 lakh to Rs. There can be up to 2 lakhs, which depends on the selection of your university or school. There are some good insurance schools in India – ICFAI, NIA and Birla Institute of Management and many other schools which also offer various distance education courses, diploma programs and regular courses.

Funding / Scholarship

In fact, separate loans are not provided for insurance courses only. However, professionals can study through the sponsorship of their company. Similarly, through banks like State Bank of India Rs. Up to 7.5 lakh education loans are provided.

Job prospects

Job prospects for an insurance professional are increasing day by day. You can work as an insurance agent and your main job will be to sell insurance policies to the people. For this work you will be given a target amount which you will have to earn through premiums. In return, you will be given a commission. Other jobs include Sales Manager – Insurance, under which you will have to handle a team of insurance agents to sell various insurance policies. Apart from this, you can also work as an Insurance Underwriter / Risk Marker.

Pay packet

In a insurance company, a fresher can get a package of about Rs.10,000 / – to Rs.30,000 / -. In higher positions, you will get Rs. 1 lakh can be earned every month. If you have obtained a Master in Business Administration degree in Insurance from a famous business school, then you can expect to get a very good salary in your first job.

Demand and supply

The demand for insurance professionals is very high these days. According to statistics, only 14% of the world’s population has access to insurance professionals, which means that there is still a lot of potential for 86% of the population. Therefore, demand is much higher than mainly supply. But only people with business ability and interest in the subject are needed. As people say, “Insurance is a matter of recommending temptation”. Therefore, if policies and systems are appropriate and correct, then a lot of revenue can be obtained using this field.

Market watch

Over the years, many well-known insurance companies such as Max New York, ICICI Lombard, Bajaj Allianz, Tata AIG and other companies have introduced several new policies to attract buyers. Most policies are trustworthy and public welfare. Apart from the economic slowdown of 2009 alone, there has been a steady boom in the market in relation to the insurance industry. In fact, in the year 2009, there was a significant decline in the financial position of all the top companies.

International focus

Insurance is a very popular way of securing the wealth, assets, life and assets of any person. In developed countries such as USA and England, this sector is quite reliable and systematic. In India, these systems are still under development and it will take time to become fully critical. Companies like LIC (Life Insurance Corporation of India Ltd.) and GIC (General Insurance Company of India Ltd.) are 2 of the most trusted companies. Apart from these, all private companies operate under the Insurance Regulatory Development Authority (IRDA) Act.

Positive / negative aspect

Positive aspect

  • The industry is developing very fast. Work opportunities for people with good people skills and selling skills are increasing day by day.
  • Overall development of the industry will reach its peak in the coming few years. The insurance sector is being seen as a career for students and others.
  • There are many professional institutes like NIA in Pune which offer excellent courses in insurance to students. In addition, institutes such as Birla Schools and ICFAI offer various courses both for regular and distance education for students.

Downside

  • To convince people to buy various insurance policies, students or insurance professionals should have excellent skills to explain their point. Sometimes, it can also be disliked.
  • Many companies are joining this business day by day. For example, recently Reliance Company has stepped into the business of this insurance. Because of this, it often becomes very difficult to trust the credibility of an organization.

Different roles

Insurance can be sold under different names but ultimately its purpose is to protect a person or family from various non-fatalities like accidents, theft or natural disasters. Different types of insurance policies can include life insurance, health and Mediclaim insurance, home insurance and vehicle insurance etc.

Top companies

On the job front, based on random statistical information, the top 10 insurance companies in India are:

Life Insurance Corporation of Indian Limited (LIC), Bajaj Allianz General Insurance, ICICI Lombard General Insurance, ICICI Prudential Life Insurance, Birla Sun Life Insurance, Tata AIG General Insurance, New India Assurance Company, IFFCO Tokyo General Insurance, Oriental Company and Oriental Insurance. HDFC Standard Life Insurance.

Important tips for getting a job

After obtaining your graduation or post-graduation degree in insurance, you can follow the following tips to get a job as an insurance professional:

  • Check the websites of good insurance companies from time to time for job openings and apply for the appropriate job.
  • Increase the scope of your friendship and acquaintance so that you can get references from those people to talk about insurance deals in future.
  • Read all the necessary books regarding selling skills, business etiquette and business communication.
  • Stay updated with the latest world insurance environment and the new strategies that are being adopted.
  • Stay updated with various lodges and regulations and upcoming amendments being made by IRDA which can be implemented in insurance policies.
  • Stay updated with the top finance companies and their stock exchange status so that you can conduct your insurance sales and negotiation / negotiation accordingly.
komal mishra: